North Shore Alliance for Economic Development Inc

Nonprofit profile at a glance

EIN
264232076
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2020
Location
Salem, MA, USA
Phone
9787444430
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$178,480
Expenses
$145,069
Assets
$54,845
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

18 people listed

Executive titles in this filing

  • Mayor Michael Cahill (President/Director)

People named in this filing

  • Mayor Michael Cahill (President/Director)
  • Jim Cowdell (Vice Chair/Director)
  • President John Keenan (Treasurer/Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The North Shore Alliance for Economic Development (Alliance) is a private non-profit entity formed by businesses, institutional and government officials to establish a coordinated and enhanced economic, geographical

What it reported doing in 2024

The Alliance supports regional business recruitment, retention, growth and coordination with the following activities: Convening quarterly meeting of City/Town Planners and Economic/Community Development Directors; offering Partnership initiatives with MOBD and promoting regional activities through Alliance Weekly Newsletter, website, calendar of regional events & forums and social media; and developing and fostering regional partnerships.The Alliance business support in FY25 included small business workshops offerings ranging from topics including (Starting a Business, Managing Financials and Cashflow, AI, Marketing, Sales, Social Media, Business Contracts, Networking, Succession Planning, Non-Profit Series, Business Plans), Small Business State Webinar Resource Series, Minority Resource Showcase for Minority and Diverse Owned Businesses, Climatetech Conference and introductions to State and Federal Resources.The North Shore Alliance for Economic Development focused its FY25 efforts on the Future of Work including the Youth Labor Market and High Demand Occupations in the region, Climatetech, Revitalization and Small Business Support to the 30 communities (including four gateway Cities) it serves through its existing/expanded offerings, new program initiatives and strategic regional partnerships. The Alliance's FY25 REDO Grant aligned its work to support and compliment the Commonwealth's Partnership for Growth and Partnership for Recovery priorities.Our FY25 REDO Grant work focused on five (5) areas: Regional Competitiveness -Economic Data, Small Business Technical Assistance/Support/Equity/Competitiveness, Workforce Development/Talent Pipeline, Regional Revitalization and Regional Communication and Promotion.Programs and reports to support these five areas included: Northeast Massachusetts Climatetech Conference and Conference Report, Northeast Massachusetts Consortium Fact Sheet, Future of Work: High Demand Occupations in the Region Report; Future of Work: Youth Labor Market Blueprint; Resource Showcase for Minority Owned & Diverse Businesses, Small Business State Resource Webinar Series, Small Business Technical Assistance Workshops/Webinars, MOBD Partnership Initiatives, Priority Development Site Listing website landing page, Program Partnerships, Quarterly Economic Development Directors & Community Planners Meetings, Alliance Policymakers Series, and Alliance Website/Weekly Electronic Newsletters/Social Media.The Alliance's REDO Grant funding for FY25 totaled $100,000 to continue its impactful work on the North Shore and lower Merrimack Valley that has benefitted the region. Working with the 30 communities, including four Gateway Cities, municipal leaders, strategic partners, businesses and our partners in state government, EOED, EOHLC and MOBD, the Alliance will continue to help the region and its businesses to meet its challenges.

Operating model

Revenue model
Grant-funded. 78% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 57
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61.9%; rating input score 62
  • Program expense ratio: 76.1%; rating input score 76
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 18.7%; rating input score 72; 72nd percentile among comparable filings
  • Total-asset coverage ratio: 0.38; rating input score 19; 19th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -58% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 10% per year; rating input score 100; 72nd percentile among comparable filings
  • Asset growth: -0.3% per year; rating input score 0; 23rd percentile among comparable filings

Details

  • Where the money goes: 61.9% of revenue deployed · 76.1% of spending went to programs
  • Governance: 18 of 18 board members independent · 3 of 7 filing controls reported
  • Programs: 4 filed program accomplishments · $110K in reported program spending
  • Leadership: top reported pay $0 · 18 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 19/100.
  • High — Growth: Asset growth scored 0/100.